Canada’s most and least expensive places to buy – and guess where Toronto is

Source: Century 21 Canada

In yet another potential dagger in the heart of prospective first-time homebuyers, a new study from Century 21 Canada underlines the growing affordability issue in Toronto.

The price-per-square-foot (ppsf) of downtown Toronto rose more than 10 per cent in the last year and continues to top Ontario home prices. Meanwhile, prices rose and fell turbulently in GTA suburbs and other communities in the province.

Source: Century 21 Canada

The ppsf of a condo in downtown Toronto rose to $903 from $819 last year, making Toronto Canada’s second most expensive city for homes, after Metro Vancouver. Meanwhile, the ppsf for a detached house in Markham and Richmond Hill each fell 24 per cent to $379 and $445 respectively, while condos in Peterborough rose to $255. Home prices in Ottawa and Guelph were more stable, rising 4.65 per cent to $225 and 4.5 per cent to $397 ppsf, respectively.

UNPREDICTABLE YEAR

“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” says Brian Rushton, executive vice-president of Century 21 Canada. “Much like in Canada’s other major centres prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five per cent, Ottawa remains one of the least expensive places to live in Ontario.”

Toronto’s rising prices are underscored in another survey earlier this year by Century 21 Canada, asking Canadians to rate their current living situation. The survey found only 39 per cent of Toronto residents are living in close to their ideal situation (eight out of 10 on a 10-point scale), while 13 per cent reported their situation is far from ideal. At 26 per cent, a large number of Toronto residents say an apartment or condo is their ideal living situation.

If you’re looking to buy a new home or condo and especially interested in being close to good elementary schools for your family, the Fraser Institute’s Report Card on Ontario’s Elementary Schools provides some insight.

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